New GST rate from 1 January 2023
The Goods and Services Tax (GST) rate in Singapore will increase from 7% to 8% from 1 January 2023. Zeemart will be updated to reflect this new rate.
For Buyer users:
All newly created orders on or after 1 January 2023 to taxable suppliers will be updated to 8%.
For GST-registered Supplier users:
The GST rate shown on e-Invoices created using the Supplier Hub is based on when it is created. This refers to when you begin creating the e-Invoice, NOT the invoice date or when the e-Invoice is saved or published.
If the rate shown is incorrect, you can edit the rate manually to 7% or 8% before publishing the e-Invoice.
e-Invoices created on or after 1 January 2023 will show 8% GST, regardless of the invoice date or when it is published.
e-Invoices created before 1 January 2023 will show 7% GST, even if it is published on, or dated 1 January 2023 or after.
Update policy may differ per supplier
We are making these updates automatically to make it more convenient for our users to adapt to this new rate. However, as suppliers may implement the update with varying timeframes (for example, by not accepting new orders placed in the few days leading to the deadline), we urge our buyer and supplier users to check with each other for clarity on how this update will affect them.
For users with Xero/QBO integration
You will need to update the GST rate settings in Xero or QBO:
Please also check the tax rate on the integration settings page on Zeemart before exporting invoices on or after 1 January 2023. To do this, click your user name at the top right corner of the Buyer Hub, then select "Companies" > "Actions" > "Manage integration". For Supplier Hub users, click your user name > "Company settings" and then select the "Integration" tab.
Payments to Zeemart
Starting 1 January 2023, we'll also be increasing the GST to 8% for the Zeemart subscription fees or any other fees charged to our customers.